I was advised recently by my estate agent that my Stanmore property lawyer is not on the mortgage company Conveyancing panel. What can I do to be certain if this is indeed the case?
The sensible course of action for you to take is to call your Stanmore conveyancer. You lawyer should inform you of the situation. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
I have been advised by my conveyancer that chancel insurance is necessary on my purchase. What is the level of cover for Stanmore conveyancing?
The right level of chancel indemnity insurance depends on your lender. It would differ for example between Barclays and Virgin Money. Conveyancing practitioners as opposed to borrowers take out such policies.
We previously appointed conveyancers based in Stanmore on the Aldermore solicitor approved list. They have just billed me a separate sum for the legal aspects of the Aldermore mortgage. Is this a supplemental conveyancing fee set by Aldermore?
Unfortunately, as long as it is in their Terms of Engagement or Quote then yes your conveyancer may charge a fee for this. This charge is not dictated by Aldermore but by your Stanmore lawyer. Plenty of firms on the Aldermore panel will levy an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
Planning on purchasing a maisonette in Stanmore. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Barclays conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Stanmore conveyancing practitioner is on the Barclays conveyancing panel.
Are there restrictive covenants that are commonly identified during conveyancing in Stanmore?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Stanmore. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a simple, chain free conveyancing. Stanmore is where the house is located. Can you shed any light on this issue?
Flying freeholds in Stanmore are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Stanmore you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stanmore may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
In what way can the Landlord & Tenant Act 1954 impact my business property in Stanmore and how can you help?
The 1954 Act provides a safeguard to commercial leaseholders, granting the right to apply to court for a new tenancy and continue in occupation when the lease comes to an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Stanmore is one of our numerous locations in which our lawyers are based
I am short of a 10% deposit on my apartment purchase in Stanmore , but I still want to proceed. Do I have options?
One option is to try and accept a smaller deposit. Many sellers will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second